Do you think it is fair for your credit card company to be able to raise your interest on an existing balance without notice and without explanation? Probably not.
But if you live in Illinois’ 6th Congressional district, your Congressman, Peter Roskam, thinks it is just fine, and he said so today with his vote.
The House today sent the Credit Cardholders’ Bill of Rights Act to President Obama for his signature. The Senate version of the bill, which was stronger than the original House version, passed in the House by a 361-64 vote. Peter Roskam was the only member of the Illinois delegation voting against this important measure designed to protect consumers from the worst predatory practices of the banking and credit card industry.
Provisions of the bill include:
- Prohibits companies from raising interest rates during the first year after an account is opened
- Prevents increases in interest rates on an existing balance unless a payment is at least 60 days overdue
- Requires 45 day written notice for rate increases on new purchases
- Prevents companies from charging over-limit fees for purchases without prior agreement from the cardholder
- Requires bills be sent at least 21 days prior to the due date and that they contain a statement of the total interest and time required to pay off the balance if the cardholder makes only minimum payments
- Requires companies to post clearly explained rates and terms on the internet
- Prevent companies from opening card accounts for consumers under age 21 without proof of ability to pay
- Eliminates fees for telephone payments
- Prevents companies from applying payments only to the portion of a balance bearing the lowest interest rate
President Obama has pushed for this kind of action on abusive credit card practices and is expected to sign the bill. The President and the Democratic leadership did a great job of putting this together fast. It is crystal clear which party is looking after our interests.
Roskam’s opposition to this bill, while disappointing, was not surprising. During his tenure Roskam has shown little empathy for the plight of consumers, instead voting pretty consistently for the interests of big business, particularly the finance industry. Roskam also receives substantial campaign contributions from the financial sector.
Roskam’s constituents should take him to task for once again using his office to oppose their interests. Please call the Congressman today. You can reach him at (202) 225-4561 in Washington or at (630) 893-9670 in Bloomingdale.
Related posts:
- Roskam Votes to Aid Predatory Credit Card Companies Rather Than Consumers
- Peter Roskam Does Finance Industry’s Bidding: Votes Against Regulatory Reform
- U.S. Chamber of Commerce Gives Peter Roskam Award for Voting Against Constituents Interests
- Peter Roskam’s Perfect Report Card…From Big Business
- Peter Roskam Casts Anti-Family Vote to Oppose Paid Parental Leave
